United States President Donald Trump has made it clear that a $20 billion currency swap with Argentina hinges on the electoral success of Argentinian President Javier Milei and his right-wing coalition, La Libertad Avanza (Freedom Advances), in the country’s upcoming midterm elections. The announcement comes during Milei’s latest visit to the White House, highlighting the deepening political and economic ties between the two leaders.
Trump Meets Javier Milei at the White House
On October 14, 2025, Milei visited Washington, DC, where he met with Trump in the Cabinet Room of the White House. The two leaders shared a public display of camaraderie, with both giving thumbs-up gestures in front of their respective national flags.
Trump expressed strong support for Milei and his party’s electoral prospects, stating, “We think he’s going to win. He should win. And if he does win, we’re going to be very helpful. And if he doesn’t win, we’re not going to waste our time.”
Since taking office in December 2023, Milei has cultivated a close relationship with Trump, attending multiple meetings in the United States, including Trump’s second inauguration. Trump has consistently endorsed Milei’s economic and political philosophy, describing it as a pathway to making Argentina “great again.”
Conditional Economic Support
The $20 billion currency swap is designed to stabilize the Argentinian peso and inject liquidity into the country’s struggling economy. However, Trump emphasized that this aid is contingent upon La Libertad Avanza securing a majority in Congress during the October 26 midterm elections.
Trump framed the assistance as support for Milei’s “great philosophy,” contrasting it with the opposing left-wing parties in Argentina, whom he described as incapable of revitalizing the nation.
Treasury Secretary Scott Bessent echoed Trump’s position, emphasizing that the aid package would be conditional on the continuation of Milei’s economic reforms and a rejection of previous Peronist policies.
Milei’s Political Challenges
Despite Milei’s 2023 presidential victory, recent elections suggest that public support for his coalition has waned. In September, the Buenos Aires congressional elections saw La Libertad Avanza finish with 34% of the vote, trailing behind the Justicialist Party, which secured 46%.
The Milei administration has also faced scandals, most notably involving Karina Milei, Javier’s sister and secretary-general to the presidency, who was implicated in alleged bribery connected to government contracts. While both Milei siblings have denied wrongdoing, the controversy has intensified scrutiny on the administration.
Moreover, Argentina’s Congress has repeatedly overridden Milei’s vetoes, including measures to restore funding for universities, pediatric healthcare, and social benefits for people with disabilities.
Trump’s Public Endorsement of Milei
During the White House meeting, Trump publicly endorsed Milei, stating: “You’re going to win the election. We’re going to endorse you. I’m going to endorse you today, fully endorse you. People in Argentina like me. A lot of people like me.”
Trump also used the occasion to criticize the media, claiming that Milei’s “radical-left” opponents were attempting to misrepresent his policies. He portrayed US support for Argentina as part of a broader ideological commitment to promoting right-wing economic principles.
In a lighter moment, Trump jokingly offered to send missiles to Argentina to aid Milei in combating opposition forces, eliciting polite laughter from attendees.
Implications for Argentina and US Relations
The conditional nature of the $20 billion bailout has raised questions about the US commitment to Argentina’s economic stability. Critics, including US Representative Maxine Waters, have argued that Trump is prioritizing foreign political interests over domestic concerns, especially as the US government faces a partial shutdown.
The currency swap involves sending US dollars to Argentina in exchange for pesos, aimed at stabilizing the Argentinian currency. Treasury officials have indicated that exceptional measures, including withdrawals from the Exchange Stabilization Fund, may be employed to protect the South American economy.
Trump’s approach underscores a strategic alignment between US foreign policy and the ideological orientation of Milei’s administration, with aid contingent on Milei’s continued political success.
Key Takeaways
- Trump conditions $20B US aid to Argentina on Milei’s electoral success.
- Milei’s coalition, La Libertad Avanza, faces midterm elections on October 26.
- Recent Buenos Aires elections show declining support for Milei’s party.
- US aid aims to stabilize the Argentinian peso and support ongoing economic reforms.
- Political scandals and congressional veto overrides highlight challenges for Milei’s agenda.
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